The "Commissions and Referral Fees Rule" (ET 1.520.001) of the AICPA Code of Professional Conduct provides guidance to members regarding commissions or referral fees received for the referral of products and services to clients. The Department of Financial Services supervises many different types of institutions. 2) May the fee be based upon: a) a percentage of commission? Create a customer-centric culture. ;KqvM/{_#f7;sO!iYQ[3N3AKZo# Ex Learn How Lead Connection Service (LCS) Can Help (PLUS Best Practices for Using LCS)! Insurance regulator looks at relaxing rules on referral fees In other words, it's OK to pay for referrals from sources not licensed by TDI, as long as the payment is not directly related to actual business written. How Real Estate Agent Referrals Work - The Balance For every tweak you make, continue to measure and analyze your program (looking at the variables youve changed) to see how small changes can add up to big returns. Unintended consequences of professional referrals In fact, they are an integral part of many businesses' marketing and lead-generation activities. 1 . When the agent in charge ends her/his affiliation with the agency, the agency must designate another AIC within 30 days. endstream endobj 36 0 obj <>stream If you use a calendar platform like Google or Outlook Calendar, when you enter a customer's start date you can simply set a reminder to contact them 3 months out. By clicking "Get Started", I consent by electronic signature to being contacted by EverQuote, including by automatic telephone dialing and/or an artificial or prerecorded voice (including SMS and MMS - charges may apply), regarding EverQuote for Agents, even if my phone number is listed on a Do Not Call Registry. Virginia SCC - Enforcement & Compliance (Tweet this!) DFS notes that it commonly receives questions about referral fees and periodically publishes guidance to remind licensees of applicable requirements.
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